A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.
Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.
Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.
FAQs on the Service’s website are updated for preparing 2021 returns.
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.
A law change and some regulations take effect while an array of provisions expire.
The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.
To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.